Ripple Price Analysis: XRP Coin Bounced From 200 EMA With  Double Bottom Pattern

Fibo Quantum

  • The XRP coin reclaims the 50 EMA in the daily time frame chart
  • The XRP/BTC pair trades at 0.00002864 BTC with a gain of 0.15%
  • The 24 hr volume for XRP coins is $4.07 Billion

On September 22nd, the XRP coin suggested the end of its moderate retracement phase when the price bounced from the 200 EMA, displaying the formation of a double bottom pattern. The neckline of this pattern is at $1.04, and the price is currently at the doorstep of this resistance level. Crypto traders should wait for the price to give a decisive breakout from this level to confirm a bullish trade.

Concerning the EMAs: The XRP price shows a solid bullish trend with its price trading higher than the crucial EMAs 20 50, 100, and 200. The coin price has recently reclaimed the 50 EMA line.

The RSI value is at 51, indicating a slightly bullish sentiment within XRP coins. 

The XRP Coin Displays A Cup And Handle Pattern.

The XRP coin shows the formation of a Cup and Handle pattern in the 4hr time frame chart. The neckline for this pattern is at the $10.5 mark, holding an excellent opportunity for Crypto traders. The price coin is yet to provide a breakout from this level, which will trigger the entry signal for a long trade. The current price for the XRP coin at $1.038 is with an intraday loss of 0.34%.

The moving average convergence/divergence(MACD) indicator shows the MACD and signal lines are moving higher than the neutral zone (0.00), indicating the bullish sentiment in the coin.

Conclusion: from a technical perspective, the XRP coin has not yet confirmed if the retracement phase has ended or not. As mentioned above, the price is currently just below the significant resistance level of $1.05, and rejection or breakout should provide a better idea of this coin’s motive.

Support $0.89

Resistance $1.05

Wood Profits Banner>